Therma Industri

What Therma Industri does

Therma Industri AS is a Norwegian total contractor (general contractor) for industrial heating, cooling, and energy systems, headquartered in Oslo with a nationwide network of 50+ offices spanning Fauske, Trondheim, Bergen, Stavanger, and Årnes. Founded in 1997 and operating as a subsidiary of the Nordic refrigeration group Francks Kylindustri (owned by Amplio Private Equity), the company designs, manufactures, and installs custom-built water-to-water heat pumps, refrigeration plants, freezing systems, ice machines, and energy centers using natural refrigerants — primarily ammonia and CO2 — for customers in aquaculture, food processing, ice rinks, healthcare, commercial buildings, and logistics. Notable technical components include skid-built modular systems, PLC-based control platforms with Norwegian-language interfaces, and the Karstensen LR-series industrial ice machines rated from 25 to 100 tons per 24 hours. Reference installations include a 2,050 kW transcritical CO2 system for Oda's 18,509 sqm logistics center, a 2.6 MW CO2 chiller with heat recovery for Haukeland University Hospital, and a 2x700 kW reversible heat pump for Osan Settefisk's RAS aquaculture facility.

The company's business model combines project-based one-time equipment sales with a recurring service and spare-parts revenue stream delivered through nationwide field-service coverage. Pricing is custom and quote-driven per project; commercial motion is enterprise field sales executed through regional managers, sales engineers, and technical project staff, supported by direct customer contact via the website, project case studies, and industry-event presence. Recurring aftermarket revenue — planned maintenance, emergency repairs, compressor overhauls, modifications, and a stocked spare-parts catalog — is the principal retention mechanism, anchored by Therma Cloud, a digital remote-monitoring platform that lets customers optimize energy consumption, and thermAcademy, an internal training program that builds the certified technician pipeline. Growth is being driven by an active roll-up strategy: Therma and its parent have executed at least four Norwegian acquisitions between 2023 and 2026 (Florø Kjøleservice, Naturlig Kulde, Storm Kulde, Øyangen), each retaining local management and brand identity while extending coverage of aquaculture, marine, and commercial cooling segments.

Name

Therma Industri

Legal name

Therma Industri AS

Website

https://therma.no

Company type

Private

Founded year

1997

Operating status

Operating

Headcount range

11–50 employees

Short description

Therma Industri AS designs, manufactures, and services custom-built industrial heating, cooling, and heat-pump systems using natural refrigerants (ammonia and CO2) for Norwegian customers in aquaculture, food processing, ice rinks, healthcare, and commercial buildings, operating a nationwide 50+ office network as a subsidiary of Nordic group Francks Kylindustri.

Ownership category

akta.pro rank

Product category

Industrial Refrigeration Systems

NAICS

Air-Conditioning and Warm Air Heating Equipment and Commercial and Industrial Refrigeration Equipment Manufacturing (333415), Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing (33341), Heating Equipment (except Warm Air Furnaces) Manufacturing (333414)

SIC

Air-Cond & Warm Air Heatg Equip & Comm & Indl Refrig Equip (3585), Refrigeration & Service Industry Machinery (3580)

akta.pro primary industry

Commercial & Industrial Refrigeration Systems (IMAHAKAA)

akta.pro secondary industries

Cold Chain & Temperature-Controlled Storage Equipment (IMAHAKAJ), Chillers & Cooling Plant Equipment (IMAHAKAE), Refrigeration Components & Controls (Compressors, Valves, Sensors) (IMAHAKAH), Preventive Maintenance Programs for Refrigeration Systems (HSAOAJAL)

Keywords

• Industrial refrigeration systems
• Heat pump solutions
• Commercial cooling equipment
• Natural refrigerant systems
• Process cooling services

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices13 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Industrial Refrigeration Equipment Sales: Project-based sales of industrial cooling and heating systems including heat pumps, refrigeration systems, energy centers, freezing equipment, and ice machines. Custom-built solutions tailored to customer specifications.
2. Service and Maintenance: Ongoing service contracts, emergency repairs, planned maintenance, compressor overhauls, and modifications to existing systems. Service provided across all of Norway.
3. Spare Parts: Sale of spare parts for all partners with many parts in stock. Critical component mapping and spare parts packages composed to increase operational reliability.

Pricing tiers

Go-to-market motion2 records

Distribution channels2 records

Marketing channels3 records

Core offering

Therma Industri designs, manufactures, and installs industrial refrigeration and heat pump systems using natural refrigerants (ammonia and CO2) for industries including food processing, aquaculture, ice rinks, and commercial buildings. The company delivers custom skid-built solutions, energy centers, freezing systems, and ice machines, complemented by service, spare parts, and digital monitoring (Therma Cloud).

Product overview

Therma Industri AS is a leading provider of industrial cooling and heating systems operating as a single unified product and service portfolio. The core offerings include five main product categories: Varmepumper (heat pumps), Kjøle- og Fryselager (cooling/freezer storage), Energisentraler (energy centers), Innfrysing (freezing systems), and Ismaskiner (ice machines). These are complemented by the Therma Cloud digital platform for remote monitoring and the thermAcademy training forum. All products emphasize environmentally friendly solutions using natural refrigerants (ammonia and CO2) with low GWP. The company operates across multiple market segments: Building and Construction, Seafood and Aquaculture, Ice Rinks, Dairy, Slaughterhouses, and Commercial Cooling.

Differentiator

Problem solved

Functional benefit

Brands

• thermAcademy: Therma Industris forum for opplæring og kursing - training and education platform offering courses in industrial refrigeration

Products and services

• Varmepumper (Heat Pumps)
• Kjøle- og Fryselager (Cooling and Freezer Storage)
• Energisentraler (Energy Centers)
• Innfrysing (Freezing Systems)
• Ismaskiner (Ice Machines)
• Therma Cloud Digital monitoring platform providing remote visibility and control of installed Therma Industri refrigeration and heat pump systems.
• Service (Maintenance and Repair) Maintenance, service, and repair of installed refrigeration and heat pump equipment for industrial and commercial customers.
• Reservedeler (Spare Parts) Spare parts supply for Therma Industri installed equipment, supporting uptime and lifecycle maintenance.

Quantifiable outcome

• 2050 kW combined cooling capacity delivered for Oda's 18,509 sqm logistics facility
• +2 more outcomes

Named customers4 records

Segments6 records

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered minor and core.

• ØyangenminorStrategic or Co-development Partner · 19 May 2026Service and refrigeration contractor established in 2010 with offices in Ålesund. Specializes in marine, fisheries and aquaculture industries. Current owners will continue operations with significant ownership stake in the group.
• Storm KuldeminorStrategic or Co-development Partner · 2 December 2024Based in Ulefoss, Telemark, southwest of Oslo. Operates installation and service of refrigeration systems in Telemark and Grenland area.
• Naturlig KuldeminorStrategic or Co-development Partner · 22 November 2024Founded in 2020 with headquarters at Heimdal, Trondheim. Delivers commercial refrigeration and heat pump systems. Known for strong expertise in commercial refrigeration segment and deep knowledge of CO2 refrigerants.
• Florø KjøleserviceminorStrategic or Co-development Partner · 25 June 2024Service and refrigeration contractor established in 1987 with offices in Eikefjorden. Specializes in aquaculture and marine sectors. Current owners will continue operations with significant ownership stake in the group.
• Francks KylindustricoreStrategic or Co-development PartnerParent company - the leading Nordic supplier of industrial and commercial refrigeration with over 50 offices and ~650 employees across Sweden, Norway, Denmark and Finland. Therma Industri operates as a subsidiary.

Scale indicators8 records

Recent moves10 records

Expansion highlights6 records

Broad incumbents

• Johnson Controls International: Global HVAC, building automation and industrial refrigeration incumbent whose YORK and Sabroe brands compete directly with Therma in commercial and industrial refrigeration, heat pumps, and chiller applications across Europe.
• GEA Group: German-listed industrial equipment major with a sizeable refrigeration and heat-pump division serving food processing, dairy and cold storage — directly comparable end customers and project-based selling model to Therma.
• Alfa Laval: Swedish global supplier of heat exchangers, separation and fluid handling equipment with a strong industrial refrigeration / heat-pump offering — a relevant Nordic comparable for Therma's heat-transfer and refrigeration systems business.
• Danfoss: Danish global leader in refrigeration controls, compressors and heat-pump components headquartered near Therma's Nordic home market; supplies much of the control/component stack Therma integrates, and increasingly offers its own systems.
• Trane Technologies: Global HVAC and thermal-management incumbent whose Trane and Thermo King brands compete for chillers, heat pumps and transport refrigeration contracts in European commercial and industrial markets.
• Carrier Global Corporation: Global HVAC and refrigeration major with a strong commercial/industrial refrigeration portfolio (incl. natural-refrigerant CO2 systems) competing for the same data center, food retail, and cold-storage projects Therma targets in the Nordics.

Direct peers

• Mayekawa: Japanese industrial refrigeration specialist focused on ammonia and natural-refrigerant systems for food processing, cold storage and ice rinks — same core technology stack (ammonia/CO2) and similar industrial customer base as Therma.
• Kelvion: German-based heat exchanger and refrigeration equipment manufacturer serving industrial, marine, food and HVAC customers; comparable to Therma in heat-transfer technology and industrial cooling applications.
• Star Refrigeration: UK-based industrial refrigeration contractor and ammonia/CO2 specialist with comparable custom-engineered, project-based, service-plus-equipment model and similar end markets in food processing, cold storage and district cooling.
• Bitzer: German manufacturer of refrigeration compressors and a key component supplier; competes indirectly with Therma through systems integrators and increasingly offers packaged industrial refrigeration solutions.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Facebookfacebook.com/Therma-Industri-As-470551149661515
• LinkedInlinkedin.com/company/therma-industri

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries13 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Therma Industri